Answered step by step
Verified Expert Solution
Question
1 Approved Answer
please solve both questions Question 1 (22 Marks) Following is the Trial Balance of Hala Traders for the year ended Dec 31 2019 Accounts Dr.-Amount
please solve both questions Question 1 (22 Marks) Following is the Trial Balance of Hala Traders for the year ended Dec 31 2019 Accounts Dr.-Amount Cr-Amount Bank Balance 300,000 Debtors 595.000 Stock at Jan 1" 2019 105,000 Machinery at Cost 273,500 Equipment at Cost 332,500 Accumulated Depreciation - Equipment 52,000 Commission Revenue 90.000 Sales 1.055.000 Purchases 338.000 Sales Returns 50,000 Purchase Returns 10,000 Carriage on purchases 12.000 Salaries 20.000 Rent Expense 25.000 Rent received 25,000 Bank overdraft 33,000 Insurance 30,000 Drawings 28.000 Creditors 215.000 Long term loan 151.000 Interest Income 100,000 Fee Income 40,000 Capital as at Jan 1" 2019 200,000 Carriage on sales 7.000 Outstanding expenses 145,000 TOTAL 2,116,000 2,116,000 Additional information: Closing stock is valued at of 170,000 OMR. Required: Prepare A. Statement of Comprehensive Income for the year ended 31 December 2019. (9 Marks) B. Statement of Financial Position as on Dec 31, 2019. (13 Marks)
please solve both questions
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started